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Hero MotoCorp Limited — Q3 FY26
Hero MotoCorp reported a strong Q3 FY26 with record revenue of INR 12,328 crore (+21% YoY) and EBITDA of INR 1,810 crore (+23% YoY).
bullish
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Hero MotoCorp reported a strong Q3 FY26 with record revenue of INR 12,328 crore (+21% YoY) and EBITDA of INR 1,810 crore (+23% YoY). Normalized PAT grew 20% to INR 1,489 crore. Growth was broad-based, driven by GST rate reduction benefits, strong festive demand, and market share gains in entry (57% share, +4pp), deluxe 100cc (91% share), and scooters (7% share). The EV business (VIDA) narrowed losses to INR 208 crore investment, with market share expanding to 10.8%. Exports surged 41% YoY. Management guided for high single-digit industry growth in FY27, with Hero expected to outpace. Key risks include commodity inflation (aluminum, precious metals) and potential demand moderation from price hikes. The new CEO emphasized five growth pillars: scooters, premium motorcycles, global markets, EV, and parts business.
हीरो मोटोकॉर्प ने वित्त वर्ष 2026 की तीसरी तिमाही में शानदार प्रदर्शन किया। कंपनी का रिकॉर्ड राजस्व 12,328 करोड़ रुपये रहा, जो पिछले साल से 21% ज्यादा है। मुनाफा (EBITDA) 1,810 करोड़ रुपये (+23%) और शुद्ध मुनाफा (PAT) 1,489 करोड़ रुपये (+20%) हुआ। यह वृद्धि जीएसटी दरों में कटौती, त्योहारी मांग और बाजार हिस्सेदारी बढ़ने से हुई। इलेक्ट्रिक वाहन (VIDA) का घाटा घटकर 208 करोड़ रुपये रहा और बाजार हिस्सेदारी 10.8% पहुंच गई। निर्यात में 41% का उछाल आया। कंपनी को अगले साल उद्योग में 7-9% वृद्धि की उम्मीद है। जोखिमों में एल्युमीनियम और कीमती धातुओं की बढ़ती कीमतें शामिल हैं। नए सीईओ ने स्कूटर, प्रीमियम मोटरसाइकिल, वैश्विक बाजार, इलेक्ट्रिक वाहन और पार्ट्स कारोबार पर ध्यान देने की बात कही।
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Commodity cost inflation
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Entry segment market share
57%
+4pp YoY
Fourth consecutive quarter of market share expansion in the entry segment.
Deluxe 100cc market share
91%
Highest since FY18
Splendor continues to lead, achieving highest market share since FY18.
VIDA EV market share
10.8%
+6pp YoY
EV portfolio market share expanded to 10.8% in Q3 FY26.
Global business volume growth
41%
+41% YoY
Exports grew 41% YoY, with premium portfolio contributing 40% of volumes.
What Changed vs Last Quarter
NEW
Industry growth of high single digits in FY27
Management expects the two-wheeler industry to grow in high single digits in FY27, with moderation in H2 due to high base.
NEW
Price hike of INR 300 per vehicle in January
Hero took a price increase of INR 300 per vehicle in January to mitigate commodity cost inflation.
NEW
EV capacity expansion in FY27
VIDA expects a market increase in capacity in FY27 to meet growing demand.
DROPPED
H2 FY26 industry growth of 8%-10%
Management expects the two-wheeler industry to grow 8%-10% in the second half of FY26, with Hero poised to outperform and gain market share.
DROPPED
EBITDA margin guidance of 14%-16%
CFO reiterated the company's EBITDA margin guidance of 14%-16%, with continued investments in brand, products, and EV.
DROPPED
Continued market share gains in H2
Management expects to continue gaining market share across segments, driven by new products (Glamour X, Xtreme 125R, scooters) and strong festive momentum.
NEW RISK
Potential demand dampener from price hikes
Analyst raised concern that price increases to offset commodity costs could dampen demand, especially after GST-driven price reductions.
NEW RISK
Supply chain constraints for high-growth models
Management acknowledged supply bottlenecks for Xtreme 125R due to strong demand and common platform with exports, which could limit near-term sales.
RISK GONE
ABS implementation uncertainty
Draft notification for mandatory ABS may be implemented from January, but no final notification yet. Management is in talks with the government.
RISK GONE
Post-festive demand sustainability
While current momentum is strong, management's H2 growth guidance of 8%-10% implies a slowdown from festive peaks, and any macro shock could derail demand.
🤫 Topics management stopped discussing
Mentioned in Q1 FY26, Q2 FY25, Q2 FY26, Q4 FY25
CFO reiterated the company's EBITDA margin guidance of 14%-16%, with continued investments in brand, products, and EV.
Mentioned in Q2 FY26, Q3 FY25, Q4 FY25
Management expects the two-wheeler industry to grow 8%-10% in the second half of FY26, with Hero poised to outperform and gain market share.
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Guidance and risk preview
Management expects the two-wheeler industry to grow in high single digits in FY27, with moderation in H2 due to high base.
Rising aluminum and precious metal prices, along with forex impact, are pressuring margins.
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